BIMCO is pleased to confirm the decision taken by the EU Council to formally extend the mandate of the EUNAVFOR Operation ‘ATALANTA’ to deter, disrupt and repress acts of piracy off the coast of Somalia until 31 December 2018.

US President Obama has issued an Executive Order with the heading “Blocking Property of Certain Persons Contributing to the Conflict in Somalia”, which could have an impact on the possibility for paying ransom under some circumstances. The situation is not clear and perhaps some ship owners will consider how to address this situation before transiting the Gulf of Aden and the Somali Basin. On that background, we hereby include an updated version of our calculations regarding the cost part of the decision to go round the Cape of the Good Hope.

At a breakfast meeting earlier today with senior shipping industry representatives, the EU Naval Force Operation Commander, Major General Martin Smith MBE, stated that whilst Somali-based piracy in the Indian Ocean and Gulf of Aden is suppressed, there is no room for complacency regarding the ongoing threat.